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Debt, Defaults and Crises : A Historical Perspective
Kotze, Antonie - 2015
The financial crisis that has been wreaking havoc in markets across the world since August 2007 had its origins in an …
Persistent link: https://www.econbiz.de/10013025173
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Can this time be different? : policy options in times of rising debt
Kose, M. Ayhan; Nagle, Peter; Ohnsorge, Franziska; … - 2020 - This version: March 2020
crises when they do occur. These include sound debt management, strong monetary and fiscal frameworks, and robust bank …
Persistent link: https://www.econbiz.de/10012195063
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China as an international lender of last resort
Horn, Sebastian; Parks, Bradley; Reinhart, Carmen M.; … - 2023 - First draft: March 2023
by the People’s Bank of China is increasingly used as a financial rescue mechanism, with more than USD 170 billion in …
Persistent link: https://www.econbiz.de/10014247738
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Gambling traps
Ari, Anil - 2018
endogenous bank fragility and slow recovery from crises. When banks' investment decisions are not contractible, depositors form … expectations about bank risk-taking and demand a return on deposits according to their risk. This creates strategic … of bank net worth and lead to a "gambling trap" with a persistent drop in investment and output. I bring the model to …
Persistent link: https://www.econbiz.de/10011959253
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Sovereign risk and bank risk-taking
Ari, Anil - 2018
endogenous bank fragility and slow recovery from crises. When banks' investment decisions are not contractible, depositors form … expectations about bank risk-taking and demand a return on deposits according to their risk. This creates strategic … of bank net worth, leading to a persistent drop in investment and output. I bring the model to bear on the European …
Persistent link: https://www.econbiz.de/10011978544
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Sovereign haircuts : 200 years of creditor losses
Luckner, Clemens von <Graf>; Meyer, Josefin; Reinhart, … - 2024
We study sovereign external debt crises over the past 200 years, with a focus on creditor losses, or "haircuts". Our sample covers 327 sovereign debt restructurings with external private creditors over 205 default spells since 1815. Creditor losses vary widely (from none to 100%), but the...
Persistent link: https://www.econbiz.de/10014557831
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Boilerplate Shock : Sovereign Debt Contracts as Incubators of Systemic Risk
Shill, Gregory H. - 2015
Scholars generally assess the usefulness of standard-form securities contracts from the perspective of the firms that use them. But these firm-centric accounts overlook the cumulative impact of standardization on markets. Where the market in question is critical to the financial system, this...
Persistent link: https://www.econbiz.de/10013034077
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Banks' portfolio of government debt and sovereign risk
Afonso, António; Alves, José; Monteiro, Sofia - 2023
We analyze domestic, foreign, and central banks holdings of public debt for 31 countries for the period of 1989-2022, applying panel regressions and quantile analysis. We conclude that an increase in sovereign risk raises the share of domestic banks' portfolio of public debt and reduces the...
Persistent link: https://www.econbiz.de/10014383613
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Welfare gains of bailouts in a sovereign default model
Pancrazi, Roberto; Seoane, Hernán D.; Vukotic, Marija - 2019
We examine the welfare effects of bailouts in economies exposed to sovereign default risk. When a government of a small open economy requests a bailout from an international financial institution, it receives a non-defaultable loan of size G that comes with imposed debt limits. The government...
Persistent link: https://www.econbiz.de/10012160653
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Die Schuldenkrise des Globalen Südens : Verfahren zu ihrer Bewältigung schaffen
Liebal, Mara; Rehbein, Kristina - In: Vierteljahrshefte zur Wirtschaftsforschung 88 (2019) 4, pp. 67-76
Ausgelöst durch das Zusammentreffen niedriger Zinsen in reichen Ländern und einem hohen Finanzierungsbedarf für Infrastruktur in vielen ärmeren Ländern befindet sich die Verschuldung der Länder des Globalen Südens seit Jahren auf einem dramatisch hohen Niveau. Hohe Schuldendienstzahlungen...
Persistent link: https://www.econbiz.de/10012155264